The top three sales in the commercial district covered by Parramatta Cityscope for the last quarter have all been development sites, reflecting the confidence in the future of Parramatta.
One such property is 83 Church Street, Parramatta. The vacant block of land of 7,136 sqm was bought for $70 million and its neighbour, a 4,519 site at 63 Church Street was bought for $20 million. Both properties were purchased by developer, JQZ Seventeen, owned by Jianqiu Zhang of Vaucluse, who also bought another neighbouring property at 55 - 59 Church Street with a site area of 1,992 sqm for $10 million.
The three properties, with a combined site area of approximately 13,647 sqm, have development approval for the construction of a 10-storey hotel containing 275 rooms, two residential towers (20-storey and 40-storey) containing a total of 542 apartments over two levels of a retail/commercial podium, a 10-storey non-residential building fronting Church Street, and a mixed-use tower containing nine levels of non-residential floor space and 22 storeys comprising 235 apartments. Approval was granted in 2017.
CoreLogic Australia